Management Consulting Career
Considering a career as a Management Consultant? Find out all you need to know to decide whether this career is right for you.
- What does a Management Consultant do?
- How to become a Management Consultant?
- What is a Management Consultant's Salary?
- How does the future look for a Management Consultant?
What does a Management Consultant do?
The role of a Management Consultant is to help organizations increase efficiency and profitability while conducting business in increasingly competitive industries.
In highly complex and competitive industries, Management Consultants may choose to specialize either in a particular industry or a type of department found in all businesses such as human resources or marketing. Specializing in a particular area or business type allows Management Consultants to become highly educated in their specialty and therefore provide hiring companies with a valuable competitive edge.
Ther are a multitude of skills Management Consultants need to develop in order to be successful in their field. Management Conultants are highly paid for a reason and their skills in analyzing the functions of a business and successfully solving problems is their bread and butter.
As a Management Consultant, you will typically be required to have completed a Master's degree in Business Administration. Many Management Consultants will earn an MBA with emphasis in Accounting or Marketing. You will need to have a variety of refined skills on top of an intricate knowledge of the functions of business in your specialty area.
You will need to have skills in collecting appropriate data to solve particular business problems. You will need to have the foresight to see future problems associated with companies' future business plans.
On top of your industry expertise, you will need to have developed effective interpersonal and communication skills. A large part of becoming a successful Consultant is acquiring future business. Establishing a client base means developing strong relationships as well as persuading business owners you have what it takes to help their business succeed.
You will typically need to create proposals for hiring organizations stating your recommendations for particular business problems, estimated costs, staffing requirements and deadlines for implementation. Your communication skills will be put to the test when you are charged with the task of explaining complex accounting or management concepts to individuals with only a fraction of your experience and knowledge.
Management Consulting can be a highly rewarding occupation. You will often be the authority in your work place environment. You will be the individual all other managers come to for clarification and direction. Lastly, you will be rewarded handsomely in terms of salary if you are good at what you do.
How to Become a Management Consultant?
Educational requirements may vary slightly depending on the company, the area you wish to work and your previous work experience.
For most Management Consultant careers, the minimum educational requirement is the completion of a Master's degree in Business Administration. However, there are some government organizations who hire individuals with a Bachelor's degree in Business or Accounting.
In a hurry? Request free information from some of the top online schools offering Master's or MBA programs.
Beyond a quality education and the development of skills necessary to succeed as a Management Consultant, you will need to learn where to gain experience by finding career opportunities.
You will find some career opportunities or networking avenues on Management Consultant portals such as The Institute of Management Consultants; however, you will probably have quicker results if you contact a local recruiter or begin contacting hiring firms directly.
What is a Management Consultant's Salary?
As a Management Consultant, your salary can vary significantly depending on your level of experience, your level of acquired education and size of the company you work for.
The median salary* for a Management Consultant is $68,100.
The top 10% of Management Consultants are pulling in an average of $128,300.
In order to boost yourself to this level of success, you will need to perform highly, develop years of experience at a respectable company and lastly, earn yourself an advanced degree.
Request information from some of the top online schools in the United States. Online schools are becoming more popular for the working professional and are already highly respected in the business arena.
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* Source: The Bureau of Labor and Statistics for 2006
How does the future look for a Management Consultant?
The BLS projected job growth for Management Consultants from 2004 to 2014 is expected to increase at a faster rate than average (20%).
There are many reasons why this is possible. The technology boom has opened up many more avenues for businesses to create revenue; however, the avenues are typically complicated and require the expertise of technology and business savvy Management Consultants to help give direction.
Many more positions are opening up for Management Consultants do to the growth in international business. Many expanding companies need experts to help streamline and create efficiency in their companies when they begin to expand their business reach.
Furthermore, Management Consultants are essentially a tool for businesses to raise their business practices to a more competitive level. With competition increasing in every industry, Management Consultants are successfully entering the markets in larger number and with various areas of expertise.
The future looks bright for the Management Consultant profession, so go ahead and get started!
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